In a move that has been widely praised by those in the tech industry, Indian multinational company Mahindra announced that it will be organizing an incubator that will assist startups in developing blockchain-based applications that will be used in multiple industries.

What is blockchain?

If you are not aware, Blockchain is a recent development in technology that makes use of a distributed database in maintaining a list of ordered records that is always growing. These records are called blocks, each of them containing a timestamp and a link to a previous block. Think of the block as a shared spreadsheet that is hosted on multiple computers and is accessible to multiple terminals (PCs). Originally designed for the digital currency Bitcoin, most tech companies have now realized the potential this particular industry can have for other fields.

Mahinda’s previous work in blockchain solutions

Tech Mahindra, a subsidiary of the corporation, is currently on development stage with several potential products that will eventually either be offered to clients or integrated into the company’s processes.

Late last year, Mahinda has already collaborated with international tech conglomerate IBM in laying out the groundwork for a cloud-based blockchain application that will be used in trade finance in the Indian market. The app will be designed in such a way that all those involved in a particular supply chain finance transaction will have access to a ledger. The app is expected to revolutionize how supply chain finance is done in India.

Similar Indian efforts in mass blockchain applications

Mahinda is not the only Indian entity that is planning to integrate more blockchain solutions to their operations. Yes Bank, a lender for the private sector, has now begun the development of a multi-node blockchain solution to computerize its vendor financing. The Institute for Development and Research in Banking Technology of the country’s central bank is also looking into the possibility of having India go cashless.